COO Monica Eaton on Attracting Older Buyers for Multichannel Merchant
While younger buyers are frequent targets for marketers, those businesses may be better-served by appealing to older buyers, as Monica explains in a recent guest post for Multichannel Merchant.
Let’s face it: Millennial consumers don’t have much disposable income. Research cited in the post reveals that buyers under 35 tend to be more frugal, and place reliability and quality above brand loyalty. In contrast, shoppers over 50 have plenty of disposable income, and are much more tech-savvy than most marketers realize.
So, what’s the key to identifying where to allocate marketing resources? It depends on the balance between cost of acquisition and customer lifetime value, or LTV. Of course, once you acquire a new buyer, you need to ensure they keep coming back.
“This is a challenge for many eCommerce sellers,” Monica says in the post. “In this market, a substantial number of buyers prove to be one-time purchasers. They’re drawn by loss-leader deals, or by a specific need that, once fulfilled, doesn’t inspire any further interaction.”
There’s no correct answer for how to manage this issue. It will vary based on your vertical, clientele, location, and countless other factors. As Monica suggests, “…a combination of engaging content, an active social media presence, and careful monitoring of the conversation as it pertains to your business is best.”
